The holiday season is a great time for festive decorating, giving gifts and revisiting your mortgage. With the holidays quickly approaching, refinancing your mortgage can be a great financial move for many reasons.
Based on your closing date, you could potentially postpone 1-2 months of mortgage payments, giving you extra cash to use for other holiday necessities.
Gear your New Year’s resolution toward saving money and being financially responsible. Refinancing can potentially decrease your monthly payments reducing outgoing expenses and potentially saving money each month, or shorten your mortgage term so you can pay it off sooner, potentially saving interest expense over time.
Worried about closing costs or other fees? Consider asking for money as a holiday gift instead of a new sweater or tie to help cover any associated costs. Put the gift of money to good use during your refinance.
Plus, a cash-out refinance can allow you to convert the equity in your home to cash, to get you the funds to pay other expenses. If gifts and traveling aren’t on the top of your list, you can use that money to pay off your credit cards and other debts, to lower your total monthly payments, so you begin the New Year stress free.
If you are ready to get started on your refinance or if you need to learn more, please feel free to contact the Housing Buzz team today!